Gavin: Renminbi fund and Gem let the market reorder

At the beginning of the surreal "non-interference" to the venture capitalists, and this and ordinary people's life does not seem to be closely related to the industry is also happening some everyone is very concerned about the changes.　　If you ask what year 2009 is, one thing is certain: it is certainly not a harvest year for foreign investment. "Two key words in the industry this year, one is the renminbi fund, the other is the gem."　　"Qing Ke Group founder Gavin told CBN Reporter, 2009 domestic VC/PE rankings and last year is too big, too big even he did not think." To Fortune as an example, Fortune team in the past in many people's eyes is a combination of several Hunan villagers, 2008 Tatsu morning to invest in the top 10 investment rankings, many people to Gavin Call: "Why did you put fortune in front of us?" We are well-known VC in Silicon Valley, what did fortune do? "This is the renminbi fund and the gem of the trouble, let the market reorder."　　Gavin said that the withdrawal of foreign funds this year is very limited, foreign LP (limited partners) have difficulties can not say, because not to vote renminbi funds, so only anxious. And the renminbi fund is indeed ushered in the harvest year, at least "looks" is this: Gem first 28 companies, 23 behind the creation of investment support, and Gem high PE value of up to 50~100 times, or even higher. "Gem opening when I was in the scene, a ring bell rose to 100%, I was startled."　　"As a participant in the industry, Gavin seems to have never had a" fear of heights "on P/E, as it is now. "Remember last year's Olympic Games after the bargain is easy, investors to 8 times times the PE cut to 3 times times, the enterprise also accepted."　　Gavin said, as the gem price-to-earnings ratio of 50 times times or 100 times times, if 20 times times or 30 times times the price-earnings ratio investors are not accepted, the company is justly looking for someone else. "But this mentality is actually distorted, because companies and investors do not know how much the stock price to sell, the entrepreneur to lift PE very high, in fact, this is only virtual wealth, see the temporary phenomenon in fact, there is no value."　　"In 2010, there will be more dollar funds coming out to raise money, and the market will increase itself, which is a good thing for entrepreneurs, as long as entrepreneurs keep a good mindset, there are plenty of opportunities," Gavin said. "Before the market like swimming, people are not much, the beach is very beautiful, but 2010 who came, holding the cat, holding the dog, wearing shorts, wearing a suit, and coal boss into the industry."　　"Gavin said, look at the United States or Europe's history of investment, thirty or forty years to" maintain the youth "is actually not much, more people are watching the lively come in, lost money did not utter a word to go. "Our industry is on the roof, the scenery is very beautiful during the day, the night is very beautiful, but the height of the cold, we should have fear of high disease." "Only 10% of the funds can make 90% of the money," says Gavin. In other words, more than 1000 funds in the market, the real money may be only 100, and perhaps more than 10 of the 100 funds have earned 90% of the money. "China's foreign exchange control will one day open up, but as long as the market does not open up, renminbi funds and funds are certainly not a way." "If the renminbi fund starts to dominate the market in 2009 years ' period, it may indeed be a turning point," Gavin said.